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Segment Information - Segment NOI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Information    
Total rental and other property revenues $ 68,136 $ 48,584
Total property operating expenses 33,185 24,144
Interest income from loan investments 598 1,630
Property management and asset management fee expenses (5,372) (4,715)
General and administrative expenses (11,249) (10,592)
Management fees to related party (10,471) (9,111)
Acquisition and other transaction costs (418) (255)
Weather-related losses, net 59 170
Depreciation and amortization (29,418) (19,940)
Other (expense) income, net (139) 330
Income from preferred equity investments 8,759 11,937
Income from investments in unconsolidated real estate funds 1,058  
Recovery of credit losses, net 103 93
(Impairment) and gain on sale of real estate investments, net (4,216) 7,081
Gain on sale of available-for-sale investments 3,664  
Loss on extinguishment of debt (27) (151)
Interest income 5,258 5,424
Income tax expense (1,632) 0
Net loss (32,598) (12,091)
Preferred stock dividends (9,203) (4,022)
Preferred stock accretion (4,538) (244)
Net loss (income) attributable to noncontrolling interests 34,848 12,123
Net (loss) income attributable to common stockholders (11,491) (4,234)
Operating Segments    
Segment Information    
Total rental and other property revenues 68,136 48,584
Total property operating expenses 33,185 24,144
Total net operating income 34,951 24,440
Reconciling Items    
Segment Information    
Interest income from loan investments 598 1,630
Property management and asset management fee expenses (5,372) (4,715)
General and administrative expenses (11,249) (10,592)
Management fees to related party (10,471) (9,111)
Acquisition and other transaction costs (418) (255)
Weather-related losses, net (59) (170)
Depreciation and amortization (29,418) (19,940)
Other (expense) income, net (139) 330
Income from preferred equity investments 8,759 11,937
Income from preferred equity investments 1,058  
Recovery of credit losses, net 103 93
(Impairment) and gain on sale of real estate investments, net (4,216) 7,081
Gain on sale of available-for-sale investments 3,664  
Loss on extinguishment of debt (27) (151)
Interest expense, net (23,988) (18,092)
Interest income 5,258 5,424
Income tax expense (1,632)  
Residential communities    
Segment Information    
Total rental and other property revenues 37,554 16,449
Residential communities | Operating Segments    
Segment Information    
Total rental and other property revenues 37,554 16,449
Total property operating expenses 16,651 6,950
Total net operating income 20,903 9,499
Scattered single-family homes    
Segment Information    
Total rental and other property revenues 30,582 32,135
Scattered single-family homes | Operating Segments    
Segment Information    
Total rental and other property revenues 30,582 32,135
Total property operating expenses 16,534 17,194
Total net operating income $ 14,048 $ 14,941